Costa Rica's Banco Popular in talks with INS on pensions merger

Costa Rica's Banco Popular is in negotiations to acquire or merge with the pension-fund management company of the state-owned insurance monopoly, Instituto Nacional de Seguros (INS). If it comes off, the deal will be one of the biggest ever in the pensions sector.

Wednesday, May 28, 2008

No information is available on the progress of the talks, which are being held behind closed doors. INS's operator manages 27 billion colons (about US$50 million), or 2.2 percent of the pensions market. Banco Popular's market share is 24.5 percent.

More on this topic

Costa Rica: State Insurance Company Wants to Internationalize

March 2013

The National Insurance Institute will resume this year its plan to expand its operations to the countries of the region, investing $300 million in the process.

The National Insurance Institute (INS by its initials in Spanish) intends to be the majority shareholder or acquire 100% of a company with regional presence, a project suspended in 2009 when the company faced opposition from institutions such as the Comptroller General of the Republic, the Pensions Superintendency and the Attorney General's Office.

Costa Rica: Banco Popular Assumes Coopemex Liabilities

June 2010

Bank “Banco Popular” will buy 100% of the liabilities of intervened financial cooperative Coopemex, and will put in place a trust to manage its assets.

The announcement was made by Gerardo Porras, General Manager at Banco Popular. He noted that the operation should be completed no later than June 10.

$35 million for Costa Rican MSMEs

February 2009

The Banco Popular will make the sum available for MSMEs that lack the collateral needed for a credit line.

Andrey Monge writes in Elfinancierocr.com: "The funds are part of the institution's net income, and will be assigned through an auction of guarantees, to be executed on February 20th by the Fund for the Development of Micro, Small and Medium Enterprises (Fodemipyme)"

Thousands to make switch in Costa Rican pensions merger

June 2008

The possible acquisition of INS Pensiones by Popular Pensiones – first revealed by LA REPUBLICA – could lead more than 29,000 Costa Rican savers to switch pension funds.

INS Pensiones is the pension-fund arm of the state insurance monopoly. Popular, which already has 203,000 affiliates, has a leading 25 percent share of the Costa Rican market. INS Pensiones has a 2 percent market share.

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